Common use of Escrow and Other Accounts Clause in Contracts

Escrow and Other Accounts. (a) If any Mortgage Loan in a Pool provides for the collection of funds from the Borrower for payments of a Borrower’s property taxes and assessments by special assessment districts, ground rents, insurance premiums, and similar expenses, the Direct Servicer will establish one or more Escrow Accounts with an Eligible Depository or, if approved by the Master Servicer, a financial institution whose accounts are insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or such other governmental insurer or guarantor as may be acceptable to the Guarantor. Each Escrow Account will be either a demand deposit account (which for this purpose includes a money market deposit account) or an account through which funds are invested in Eligible Investments. The Direct Servicer will place in one or more Escrow Accounts any funds collected for payments of a Borrower’s property taxes and assessments by special assessment districts, ground rents, insurance premiums, condominium or homeowners’ association or planned unit development association dues and similar expenses, to the extent that the Mortgage Documents provide for collection of such amounts from (or on behalf of) the Borrower. The Direct Servicer may also place Buydown or Abatement Funds into one or more Escrow Accounts. If, however, Buydown or Abatement Funds or other advance payments made by a Borrower are directed for immediate application under the Mortgage Documents, the Direct Servicer may deposit those amounts directly to the Custodial Account. Escrow Account funds may be commingled, but only with the funds of one or more other Escrow Accounts and accounts for the same purposes held for other Trusts, Other Xxxxxx Xxx Trusts, and other loans owned by the Issuer, provided that the Direct Servicer maintains records of the amounts held in the commingled account on a loan-by-loan basis. The terms of any Escrow Account that permits the investment of funds on deposit will be subject to such conditions as may be imposed from time to time by the Master Servicer or the Trustee. To the extent permitted under Accepted Servicing Practices, the Direct Servicer may waive, delay or reinstate the collection of any escrow payments for taxes, insurance or other ancillary payments. (b) To the extent funds have been deposited in an Escrow Account pursuant to the related Servicing Contract, the related Direct Servicer will withdraw from an Escrow Account funds needed to pay taxes, assessments by special assessment districts, ground rents, insurance premiums, condominium or homeowners’ association or planned unit development association dues or comparable items, but only to the extent that amounts were previously collected from or on behalf of the related Borrower for such purpose and deposited to that Escrow Account, and may withdraw funds to reimburse the Borrower for excess amounts previously deposited and not required to cover such items, consistent with the related Mortgage Documents and Servicing Contract. Withdrawals may also be made from an Escrow Account (i) to reimburse the Master Servicer or Direct Servicer out of related collections for any Servicing Advance made by it with respect to these items (but only to the extent of funds received with respect to the same Mortgage Loan for which the Servicing Advance was made), (ii) to pay interest to Borrowers on balances in that Escrow Account, if required by the terms of the related Mortgage Documents, applicable law or otherwise, (iii) in the case of Buydown or Abatement Funds, to apply such funds to the purposes for which they were received, (iv) if and to the extent permitted under the related Mortgage Documents and applicable law, to apply toward the payment of obligations on the related Mortgage Loans, including the payment of principal and interest, (v) to remove funds deposited in error or (vi) to clear, close or transfer that Escrow Account as permitted by the related Servicing Contract. (c) A Direct Servicer may establish one or more Supplemental Accounts with an Eligible Depository or, if approved by the Master Servicer, a financial institution whose accounts are insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or such other governmental insurer or guarantor as may be acceptable to the Guarantor. Each Supplemental Account will be either a demand deposit account (which for this purpose includes a money market deposit account) or an account through which funds are invested in Eligible Investments. Supplemental Accounts, in addition to Custodial Accounts and Escrow Accounts, may be established as provided above, for various purposes in order to carry out the requirements of the Mortgage Documents. Amounts on deposit in these Supplemental Accounts may include: (i) funds held under an agreement relating to repair, deficit or replacement reserves or for renovation of a Mortgaged Property, (ii) rental income on a Mortgaged Property or REO Property, (iii) insurance or condemnation proceeds pending use to repair or restore a Mortgaged Property or REO Property or (iv) Buydown or Abatement Funds. Amounts held in any Supplemental Account may not be commingled with amounts in Custodial Accounts or Escrow Accounts, but may be commingled with the funds of other Supplemental Accounts and with the funds of one or more other accounts for the same or similar purposes held for other Trusts, Other Xxxxxx Mae Trusts and other loans owned by the Issuer, provided that the Direct Servicer maintains records of the amounts held in the commingled account on a loan-by- loan basis. The terms of any Supplemental Account that permits the investment of funds on deposit will be subject to such conditions as may be imposed from time to time by the Master Servicer or the Trustee. Withdrawals may be made from a Supplemental Account (A) for any specified purpose for which such funds were deposited or to reimburse the Master Servicer or Direct Servicer for any Servicing Advance made by it with respect to any permitted purpose (but only to the extent of funds received with respect to the same Mortgage Loan for which the Servicing Advance was made), (B) to pay interest to Borrowers on balances in that Supplemental Account, if required by the terms of the related Mortgage Documents, applicable law or otherwise, (C) if and to the extent permitted under the Mortgage Documents and applicable law, to apply toward the payment of obligations on the Mortgage Loan, including the payment of principal and interest, (D) to withdraw funds to reimburse Borrowers for excess amounts previously deposited and not required to cover such items, consistent with the related Mortgage Documents and Servicing Contract, (E) to remove funds deposited in error or (F) to clear, close or transfer that Supplemental Account as permitted by the related Servicing Contract. In addition, to the extent permitted under Accepted Servicing Practices, the Direct Servicer may waive any requirement that the amounts enumerated in clauses (i) through (iv) of the second sentence of this paragraph (c) be deposited to a Supplemental Account provided that such waiver does not impair or threaten to impair the condition of the Mortgaged Property or the security of the lien as originally created under the Mortgage Documents.

Escrow and Other Accounts. ‌ (a) If any Mortgage Loan in a Pool provides for the collection of funds from the Borrower for payments of a Borrower’s property taxes and assessments by special assessment districts, ground rents, insurance premiums, and similar expenses, the Direct Primary Servicer will establish one or more Escrow Accounts with an Eligible Depository or, if approved by the Master Servicer, a financial institution whose accounts are insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or such other governmental insurer or guarantor as may be acceptable to the Guarantor. Each Escrow Account will be either a demand deposit account (which for this purpose includes a money market deposit account) or an account through which funds are invested in Eligible Investments. The Direct Primary Servicer will place in one or more Escrow Accounts any funds collected for payments of a Borrower’s property taxes and assessments by special assessment districts, ground rents, insurance premiums, condominium or homeowners’ association or planned unit development association dues and similar expenses, to the extent that the Mortgage Documents provide for collection of such amounts from (or on behalf of) the Borrower. The Direct Servicer may also place Buydown or Abatement Funds into one or more Escrow Accounts. If, however, Buydown or Abatement Funds or other advance payments made by a Borrower are directed for immediate application under the Mortgage Documents, the Direct Servicer may deposit those amounts directly to the Custodial Account. Escrow Account funds may be commingled, but only with the funds of one or more other Escrow Accounts and accounts for the same purposes held for other Trusts, Other Xxxxxx Xxx Trusts, and other loans owned by the Issuer, provided that the Direct Primary Servicer maintains records of the amounts held in the commingled account on a loan-by-loan basis. The terms of any Escrow Account that permits the investment of funds on deposit will be subject to such conditions as may be imposed from time to time by the Master Servicer or the Trustee. To the extent permitted under Accepted Servicing Practices, the Direct Primary Servicer may waive, delay or reinstate the collection of any escrow payments for taxes, insurance or other ancillary payments.payments provided that (i) the Borrower remains obligated to make payments directly to the taxing authority, ground landlord, insurance provider or other applicable third party under the terms of the Mortgage Documents, (ii) the discontinuance of escrow deposits does not impair or threaten to impair the condition of the Mortgaged Property or the security of the lien as originally created under the Mortgaged Documents, and (iii) the Primary Servicer maintains adequate records on the status of all such items that can become a lien on the Mortgaged Property.‌ (b) To the extent funds have been deposited in an Escrow Account pursuant to the related Servicing Contract, the related Direct Primary Servicer will withdraw from an that Escrow Account funds needed to pay taxes, assessments by special assessment districts, ground rents, insurance premiums, condominium or homeowners’ association or planned unit development association dues premiums or comparable items, but only to the extent that amounts were previously collected from or on behalf of the related Borrower for such purpose and deposited to that Escrow Account, and may withdraw funds to reimburse the Borrower for excess amounts previously deposited and not required to cover such items, consistent with the related Mortgage Documents and Servicing Contract. Withdrawals may also be made from an Escrow Account Account (i) to reimburse the Master Servicer or Direct Primary Servicer out of related collections for any Servicing Advance made by it with respect to these items (but only to the extent of funds received with respect to the same Mortgage Loan for which the Servicing Advance was made), , (ii) to pay interest to Borrowers on balances in that Escrow Account, if required by the terms of the related Mortgage Documents, applicable law or otherwise, (iii) in the case of Buydown or Abatement Funds, to apply such funds to the purposes for which they were received, (iv) if and to the extent permitted under the related Mortgage Documents and applicable law, to apply toward the payment of obligations on the related Mortgage LoansLoan, including the payment of principal and interest, (viv) to remove funds deposited in error or (viv) to clear, close or transfer that Escrow Account as permitted by the related Servicing Contract. (c) A Direct Primary Servicer may establish one or more Supplemental Accounts with an Eligible Depository or, if approved by the Master Servicer, a financial institution whose accounts are insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or such other governmental insurer or guarantor as may be acceptable to the Guarantor. Each Supplemental Account will be either a demand deposit account (which for this purpose includes a money market deposit account) or an account through which funds are invested in Eligible Investments. Supplemental Accounts, in addition to Custodial Accounts and Escrow Accounts, may be established as provided above, above for various purposes in order to carry out the requirements of the Mortgage Documents. Amounts on deposit in these Supplemental Accounts may include: (i) funds held under an agreement a Collateral Agreement relating to repair, rehabilitation, operating deficit or replacement reserves or for renovation of a Mortgaged Property, (ii) rental income on a Mortgaged Property or REO Property, (iii) insurance or condemnation proceeds pending use to repair or restore a Mortgaged Property or REO Property or (iv) Buydown or Abatement Funds. Amounts held in any Supplemental Account may not be commingled with amounts in Custodial Accounts or Escrow Accounts, but may be commingled with the funds of other Supplemental Accounts and with the funds of one or more other accounts for the same or similar purposes held for other Trusts, Other Xxxxxx Mae Trusts and other loans owned by the Issuer, provided that the Direct Servicer maintains records of the amounts held in the commingled account on a loan-by- loan basis. The terms of any Supplemental Account that permits the investment of funds on deposit will be subject to such conditions as may be imposed from time to time by the Master Servicer or the Trustee. Withdrawals may be made from a Supplemental Account (A) for any specified purpose for which such funds were deposited or to reimburse the Master Servicer or Direct Servicer for any Servicing Advance made by it with respect to any permitted purpose (but only to the extent of funds received with respect to the same Mortgage Loan for which the Servicing Advance was made), (B) to pay interest to Borrowers on balances in that Supplemental Account, if required by the terms of the related Mortgage Documents, applicable law or otherwise, (C) if and to the extent permitted under the Mortgage Documents and applicable law, to apply toward the payment of obligations on the Mortgage Loan, including the payment of principal and interest, (D) to withdraw funds to reimburse Borrowers for excess amounts previously deposited and not required to cover such items, consistent with the related Mortgage Documents and Servicing Contract, (E) to remove funds deposited in error or (F) to clear, close or transfer that Supplemental Account as permitted by the related Servicing Contract. In addition, to the extent permitted under Accepted Servicing Practices, the Direct Servicer may waive any requirement that the amounts enumerated in clauses (i) through (iv) of the second sentence of this paragraph (c) be deposited to a Supplemental Account provided that such waiver does not impair or threaten to impair the condition of the Mortgaged Property or the security of the lien as originally created under the Mortgage Documents.Property,

Escrow and Other Accounts. ‌‌ (a) If any Mortgage Loan in a Pool provides for the collection of funds from the Borrower for payments of a Borrower’s property taxes and assessments by special assessment districts, ground rents, insurance premiums, and similar expenses, the Direct Primary Servicer will establish one or more Escrow Accounts with an Eligible Depository or, if approved by the Master Servicer, a financial institution whose accounts are insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or such other governmental insurer or guarantor as may be acceptable to the Guarantor. Each Escrow Account will be either a demand deposit account (which for this purpose includes a money market deposit account) or an account through which funds are invested in Eligible Investments. The Direct Primary Servicer will place in one or more Escrow Accounts any funds collected for payments of a Borrower’s property taxes and assessments by special assessment districts, ground rents, insurance premiums, condominium or homeowners’ association or planned unit development association dues and similar expenses, to the extent that the Mortgage Documents provide for collection of such amounts from (or on behalf of) the Borrower. The Direct Servicer may also place Buydown or Abatement Funds into one or more Escrow Accounts. If, however, Buydown or Abatement Funds or other advance payments made by a Borrower are directed for immediate application under the Mortgage Documents, the Direct Servicer may deposit those amounts directly to the Custodial Account. Escrow Account funds may be commingled, but only with the funds of one or more other Escrow Accounts and accounts for the same purposes held for other Trusts, Other Xxxxxx Xxx Trusts, and other loans owned by the Issuer, provided that the Direct Primary Servicer maintains records of the amounts held in the commingled account on a loan-by-loan basis. The terms of any Escrow Account that permits the investment of funds on deposit will be subject to such conditions as may be imposed from time to time by the Master Servicer or the Trustee. To the extent permitted under Accepted Servicing Practices, the Direct Primary Servicer may waive, delay or reinstate the collection of any escrow payments for taxes, insurance or other ancillary paymentspayments provided that (i) the Borrower remains obligated to make payments directly to the taxing authority, ground landlord, insurance provider or other applicable third party under the terms of the Mortgage Documents, (ii) the discontinuance of escrow deposits does not impair or threaten to impair the condition of the Mortgaged Property or the security of the lien as originally created under the Mortgaged Documents, and (iii) the Primary Servicer maintains adequate records on the status of all such items that can become a lien on the Mortgaged Property. (b) To the extent funds have been deposited in an Escrow Account pursuant to the related Servicing Contract, the related Direct Primary Servicer will withdraw from an that Escrow Account funds needed to pay taxes, assessments by special assessment districts, ground rents, insurance premiums, condominium or homeowners’ association or planned unit development association dues premiums or comparable items, but only to the extent that amounts were previously collected from or on behalf of the related Borrower for such purpose and deposited to that Escrow Account, and may withdraw funds to reimburse the Borrower for excess amounts previously deposited and not required to cover such items, consistent with the related Mortgage Documents and Servicing Contract. Withdrawals may also be made from an Escrow Account (i) to reimburse the Master Servicer or Direct Primary Servicer out of related collections for any Servicing Advance made by it with respect to these items (but only to the extent of funds received with respect to the same Mortgage Loan for which the Servicing Advance was made), (ii) to pay interest to Borrowers on balances in that Escrow Account, if required by the terms of the related Mortgage Documents, applicable law or otherwise, (iii) in the case of Buydown or Abatement Funds, to apply such funds to the purposes for which they were received, (iv) if and to the extent permitted under the related Mortgage Documents and applicable law, to apply toward the payment of obligations on the related Mortgage LoansLoan, including the payment of principal and interest, (viv) to remove funds deposited in error or (viv) to clear, close or transfer that Escrow Account as permitted by the related Servicing Contract. (c) A Direct Primary Servicer may establish one or more Supplemental Accounts with an Eligible Depository or, if approved by the Master Servicer, a financial institution whose accounts are insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or such other governmental insurer or guarantor as may be acceptable to the Guarantor. Each Supplemental Account will be either a demand deposit account (which for this purpose includes a money market deposit account) or an account through which funds are invested in Eligible Investments. Supplemental Accounts, in addition to Custodial Accounts and Escrow Accounts, may be established as provided above, above for various purposes in order to carry out the requirements of the Mortgage Documents. Amounts on deposit in these Supplemental Accounts may include: include (i) funds held under an agreement a Collateral Agreement relating to repair, rehabilitation, operating deficit or replacement reserves or for renovation of a Mortgaged Property, (ii) rental income on a Mortgaged Property or REO Property, (iii) insurance or condemnation proceeds pending use to repair or restore a Mortgaged Property or REO Property or (iv) Buydown or Abatement Funds. Amounts held in any Supplemental Account may not be commingled with amounts in Custodial Accounts or Escrow Accounts, but may be commingled with the funds of other Supplemental Accounts and with the funds of one or more other accounts for the same or similar purposes held for other Trusts, Other Xxxxxx Mae Trusts and other loans owned by the Issuer, provided that the Direct Servicer maintains records of the amounts held in the commingled account on a loan-by- loan basis. The terms of any Supplemental Account that permits the investment of funds on deposit will be subject to such conditions as may be imposed from time to time by the Master Servicer or the Trustee. Withdrawals may be made from a Supplemental Account (A) for any specified purpose for which such funds were deposited or to reimburse the Master Servicer or Direct Servicer for any Servicing Advance made by it with respect to any permitted purpose (but only to the extent of funds received with respect to the same Mortgage Loan for which the Servicing Advance was made), (B) to pay interest to Borrowers on balances in that Supplemental Account, if required by the terms of the related Mortgage Documents, applicable law or otherwise, (C) if and to the extent permitted under the Mortgage Documents and applicable law, to apply toward the payment of obligations on the Mortgage Loan, including the payment of principal and interest, (D) to withdraw funds to reimburse Borrowers for excess amounts previously deposited and not required to cover such items, consistent with the related Mortgage Documents and Servicing Contract, (E) to remove funds deposited in error or (F) to clear, close or transfer that Supplemental Account as permitted by the related Servicing Contract. In addition, to the extent permitted under Accepted Servicing Practices, the Direct Servicer may waive any requirement that the amounts enumerated in clauses (i) through (iv) of the second sentence of this paragraph (c) be deposited to a Supplemental Account provided that such waiver does not impair or threaten to impair the condition of the Mortgaged Property or the security of the lien as originally created under the Mortgage Documents.Property,

Escrow and Other Accounts. (a) If any Mortgage Loan in a Pool provides for the collection of funds from the Borrower for payments of a Borrower’s property taxes and assessments by special assessment districts, ground rents, insurance premiums, and similar expenses, the Direct Servicer will establish one or more Escrow Accounts with an Eligible Depository or, if approved by the Master Servicer, a financial institution whose accounts are insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or such other governmental insurer or guarantor as may be acceptable to the Guarantor. Each Escrow Account will be either a demand deposit account (which for this purpose includes a money market deposit account) or an account through which funds are invested in Eligible Investments. The Direct Servicer will place in one or more Escrow Accounts any funds collected for payments of a Borrower’s property taxes and assessments by special assessment districts, ground rents, insurance premiums, condominium or homeowners’ association or planned unit development association dues and similar expenses, to the extent that the Mortgage Documents provide for collection of such amounts from (or on behalf of) the Borrower. The Direct Servicer may also place Buydown or Abatement Funds into one or more Escrow Accounts. If, however, Buydown or Abatement Funds or other advance payments made by a Borrower are directed for immediate application under the Mortgage Documents, the Direct Servicer may deposit those amounts directly to the Custodial Account. Escrow Account funds may be commingled, but only with the funds of one or more other Escrow Accounts and accounts for the same purposes held for other Trusts, Other Xxxxxx Xxx Trusts, and other loans owned by the Issuer, provided that the Direct Servicer maintains records of the amounts held in the commingled account on a loan-by-loan basis. The terms of any Escrow Account that permits the investment of funds on deposit will be subject to such conditions as may be imposed from time to time by the Master Servicer or the Trustee. To the extent permitted under Accepted Servicing Practices, the Direct Servicer may waive, delay or reinstate the collection of any escrow payments for taxes, insurance or other ancillary payments. (b) To the extent funds have been deposited in an Escrow Account pursuant to the related Servicing Contract, the related Direct Servicer will withdraw from an Escrow Account funds needed to pay taxes, assessments by special assessment districts, ground rents, insurance premiums, condominium or homeowners’ association or planned unit development association dues or comparable items, but only to the extent that amounts were previously collected from or on behalf of the related Borrower for such purpose and deposited to that Escrow Account, and may withdraw funds to reimburse the Borrower for excess amounts previously deposited and not required to cover such items, consistent with the related Mortgage Documents and Servicing Contract. Withdrawals may also be made from an Escrow Account Account (i) to reimburse the Master Servicer or Direct Servicer out of related collections for any Servicing Advance made by it with respect to these items (but only to the extent of funds received with respect to the same Mortgage Loan for which the Servicing Advance was made), , (ii) to pay interest to Borrowers on balances in that Escrow Account, if required by the terms of the related Mortgage Documents, applicable law or otherwise, (iii) in the case of Buydown or Abatement Funds, to apply such funds to the purposes for which they were received, (iv) if and to the extent permitted under the related Mortgage Documents and applicable law, to apply toward the payment of obligations on the related Mortgage Loans, including the payment of principal and interest, (v) to remove funds deposited in error or (vi) to clear, close or transfer that Escrow Account as permitted by the related Servicing Contract. (c) A Direct Servicer may establish one or more Supplemental Accounts with an Eligible Depository or, if approved by the Master Servicer, a financial institution whose accounts are insured by the Federal Deposit Insurance Corporation, the National Credit Union Share Insurance Fund or such other governmental insurer or guarantor as may be acceptable to the Guarantor. Each Supplemental Account will be either a demand deposit account (which for this purpose includes a money market deposit account) or an account through which funds are invested in Eligible Investments. Supplemental Accounts, in addition to Custodial Accounts and Escrow Accounts, may be established as provided above, for various purposes in order to carry out the requirements of the Mortgage Documents. Amounts on deposit in these Supplemental Accounts may include: (i) funds held under an agreement relating to repair, deficit or replacement reserves or for renovation of a Mortgaged Property, (ii) rental income on a Mortgaged Property or REO Property, (iii) insurance or condemnation proceeds pending use to repair or restore a Mortgaged Property or REO Property or (iv) Buydown or Abatement Funds. Amounts held in any Supplemental Account may not be commingled with amounts in Custodial Accounts or Escrow Accounts, but may be commingled with the funds of other Supplemental Accounts and with the funds of one or more other accounts for the same or similar purposes held for other Trusts, Other Xxxxxx Mae Trusts and other loans owned by the Issuer, provided that the Direct Servicer maintains records of the amounts held in the commingled account on a loan-by- loan basis. The terms of any Supplemental Account that permits the investment of funds on deposit will be subject to such conditions as may be imposed from time to time by the Master Servicer or the Trustee. Withdrawals may be made from a Supplemental Account (A) for any specified purpose for which such funds were deposited or to reimburse the Master Servicer or Direct Servicer for any Servicing Advance made by it with respect to any permitted purpose (but only to the extent of funds received with respect to the same Mortgage Loan for which the Servicing Advance was made), (B) to pay interest to Borrowers on balances in that Supplemental Account, if required by the terms of the related Mortgage Documents, applicable law or otherwise, (C) if and to the extent permitted under the Mortgage Documents and applicable law, to apply toward the payment of obligations on the Mortgage Loan, including the payment of principal and interest, (D) to withdraw funds to reimburse Borrowers for excess amounts previously deposited and not required to cover such items, consistent with the related Mortgage Documents and Servicing Contract, (E) to remove funds deposited in error or (F) to clear, close or transfer that Supplemental Account as permitted by the related Servicing Contract. In addition, to the extent permitted under Accepted Servicing Practices, the Direct Servicer may waive any requirement that the amounts enumerated in clauses (i) through (iv) of the second sentence of this paragraph (c) be deposited to a Supplemental Account provided that such waiver does not impair or threaten to impair the condition of the Mortgaged Property or the security of the lien as originally created under the Mortgage Documents.